Saving money

[MtnBiker]

Is it important?

How can a person save money?

[Said1]

Is it important?

How can a person save money?

What do you think?

[MtnBiker]

I do believe saving money is important. The simplest strategy is to spend less then I earn.

[Trigg]

Is it important?

How can a person save money?

It's easy, instead of getting that new "must have" item for Christmas, you put the money in the bank.

[MtnBiker]

It's easy, instead of getting that new "must have" item for Christmas, you put the money in the bank.

Quite true, there are many things that people can choose not to purchase or a less expensive alternative, ie eating at home versus eating at a restaurant.

[diuretic]

Got a household budget? That helps. It's amazing to find out where the money goes if you keep track of it. Actually, it's not amazing, it's bloody scary. A few dollars here and there mount up. I manage my money on a daily basis and try to restrict what I spend. I'm not that good at it but I've learned to discipline myself.

I've also learned about alternatives. I didn't buy a new computer, couldn't afford one, so I bought a second hand one for more than a third of the cost of a new one, installed a Linux OS for nothing, downloaded all my software for nothing, works fine, does everything I want it to and it cost me nothing.

[truthmatters]

Auto deposit a portion of your earnings into a savings account. Put as much as you can take into this and you will get acustom to having less money from day to day.

[Abbey Marie]

Quite true, there are many things that people can choose not to purchase or a less expensive alternative, ie eating at home versus eating at a restaurant.

Words most often spoken by the person who does not do the cooking every night. :)

[JohnDoe]

I do believe saving money is important. The simplest strategy is to spend less then I earn.
"Pay yourself first" is something someone had told me once, with every paycheck, then live within what is left...

a cup of Starbucks coffee a day can add up to $120 bucks a month.

Though I do admit that right now it is hard for us to save, with only one working in our household.

And americans on the whole find it hard to save or are not saving is what I have read and this was before Gas hit $3.17 a gallon which is what we are at up here, making it even harder to save even a penny.


jd

[Trigg]

Got a household budget? That helps. It's amazing to find out where the money goes if you keep track of it. Actually, it's not amazing, it's bloody scary. A few dollars here and there mount up. I manage my money on a daily basis and try to restrict what I spend. I'm not that good at it but I've learned to discipline myself.

I've also learned about alternatives. I didn't buy a new computer, couldn't afford one, so I bought a second hand one for more than a third of the cost of a new one, installed a Linux OS for nothing, downloaded all my software for nothing, works fine, does everything I want it to and it cost me nothing.

Excellent advise, people, you will be shocked at how much money you waste.

I also like to put money in my kids savings accounts, so everytime I get change I put it in a jar. It adds up pretty quick and then I split it between them. My sister takes the change to her bank since they don't charge to count it like mine does.

Eating out only 1 night a week or taking leftovers for lunch instead of going out will save a lot by the end of the week.

[5stringJeff]

I think the first step to developing savings is being aware of how much you make and how much you spend. I budget every paycheck, setting aside money for savings each month. However, I also allocate some "free cash" for myself so I can go out to lunch on occasion, or buy Starbucks, etc.

[MtnBiker]

Words most often spoken by the person who does not do the cooking every night. :)

If we eat at home I cook, just the way it is.

[darin]

I think the first step to developing savings is being aware of how much you make and how much you spend. I budget every paycheck, setting aside money for savings each month. However, I also allocate some "free cash" for myself so I can go out to lunch on occasion, or buy Starbucks, etc.

...or to go out drinkin' to oogle the hot little college chickies workin' the bar....

:D

[Abbey Marie]

If we eat at home I cook, just the way it is.

That's why I said "most often spoken". I know several husbands who do the cooking regularly. Not mine, though. ;)

[KitchenKitten99]

My husband has the option at work to split his check with direct deposit. We have $15 per week deposited into savings at a different bank that requires us to drive 25 miles one way in order to get the money. If we don't see it, we don't spend it. we've only had the absolute need twice to use funds from that account. We also have an automatic transfer of $10 per week from checking to another savings account that we use for monthly fun stuff.

[MtnBiker]

Great idea Fuzzy, btw - great to see you on the board.

[April15]

All of the advise presumes you have income that exceeds your basic needs.

[Mr. P]

All of the advise presumes you have income that exceeds your basic needs.

I don't know about that. Saving is a way of life for me. It was a necessity growing up.

I buy used vehicles...saves $$$$
I drive em tell they die....saves $$$$
Homeowners insurance deductible at the max...saves $$$$$$
Dropping some auto coverage after the value drops to a % of premium...saves...$$$$
Buying on sale...saves $$$$
$14 Jeans instead of $30...Saves $$$$
$19 tennis shoes instead of $75...Saves $$$$$

There are tons of ways to save $$$$$$

[MtnBiker]

All of the advise presumes you have income that exceeds your basic needs.

Very good point. How much income is needed to meet basic needs?

[April15]

Very good point. How much income is needed to meet basic needs?I would guess that is different for everybody.

[Kathianne]

I would guess that is different for everybody.

So how about just for you? I'll do me first:

Mortgage/Association Fees/taxes/insurance: $1700 per month

Car Insurance(car is paid), includes 2 college kids: $200

Food (all types): $350

Utilities: $250


Gas for car: $300

I have about $400 after expenses, after taxes.

[shattered]

Let's see..

Mortgage: $1200/mo
House Insurance: $30ish/mo.
Car Insurance: $78/mo. 2 cars
Car Payments: $590/mo. 2 cars
Cell Phones: $112/mo. 2 phones
Gas/Electric: $130/mo.
Fuel: $200/mo. 2 cars

Savings Acct: $600/mo. (Yes, that's considered a "bill", which is why I believe there IS a savings account).

Probably about.. $700/mo left to "live on" after all is said and done..

[diuretic]

Damn, there are people here posting amounts which equate to my monthly booze bill, I should cut back :cheers2:

[shattered]

Damn, there are people here posting amounts which equate to my monthly booze bill, I should cut back :cheers2:

Geeze.. I don't think I spend $78 a *year* on booze. :)

[Kathianne]

Damn, there are people here posting amounts which equate to my monthly booze bill, I should cut back :cheers2:

Funny how some 'conservatives' aren't rich? :laugh2: It's a state of mind. History starts now!

[Mr. P]

Funny how some 'conservatives' aren't rich? :laugh2: It's a state of mind. History starts now!

Indeed! It's a state of mind. :2up:

[diuretic]

Geeze.. I don't think I spend $78 a *year* on booze. :)

:eek:

and

:eek:

and

:cheers2:

[diuretic]

Funny how some 'conservatives' aren't rich? :laugh2: It's a state of mind. History starts now!

Nooooooooo Kathianne...I was talking about PRIORITIES :laugh2: :cheers2:

I don't like the rich people I've met, they were, to a man and woman, snobs and misers. I much prefer normal people :huddle:

[Abbey Marie]

Geeze.. I don't think I spend $78 a *year* on booze. :)

Wow! I've bought my husband some single malts that have cost about that for one bottle. Think of all the money you are saving.

Speaking of expensive drinks, our supermarket has some "Jack Daniels" coffee (I've never seen that brand of coffee) on sale right now for $11.99 a bag.

[5stringJeff]

...or to go out drinkin' to oogle the hot little college chickies workin' the bar....

:D

What are you talking about? I don't oogle... I converse with them! :D

[5stringJeff]

I would guess that is different for everybody.

Really, people's needs boil down to shelter, food, and clothes. Beyond that, it's all non-necessities.

And even with those needs, there are questions as to how much you need. Does a family of four "need" a 3000 square foot home, or just a 1200 sq ft apartment? Does an obese person "need" $400 per month in groceries, or only $200? Does a teenager "need" the $40 sweater from American Eagle, or just a $10 sweatshirt from Walmart?

[shattered]

Wow! I've bought my husband some single malts that have cost about that for one bottle. Think of all the money you are saving.

Speaking of expensive drinks, our supermarket has some "Jack Daniels" coffee (I've never seen that brand of coffee) on sale right now for $11.99 a bag.

Oh, trust me.. I more than make up for it in other ways.. I *need* a single knife that costs $100, and a single dutch oven that costs $265, and a $150 Tassimo machine (glorified coffee pot for those of you that don't like latte and cappuccino)... :D

Everyones "needs" are different. :D

[Mr. P]

Oh, trust me.. I more than make up for it in other ways.. I *need* a single knife that costs $100, and a single dutch oven that costs $265, and a $150 Tassimo machine (glorified coffee pot for those of you that don't like latte and cappuccino)... :D

Everyones "needs" are different. :D

You also (All-Clad) need some (All-Clad) GOOD cookware! All-Clad! :poke: :laugh2:

[Abbey Marie]

Really, people's needs boil down to shelter, food, and clothes. Beyond that, it's all non-necessities.

And even with those needs, there are questions as to how much you need. Does a family of four "need" a 3000 square foot home, or just a 1200 sq ft apartment? Does an obese person "need" $400 per month in groceries, or only $200? Does a teenager "need" the $40 sweater from American Eagle, or just a $10 sweatshirt from Walmart?


My daughter would be very happy to answer that one. In fact, that's where my husband and I were last night, doing some Chistmas shopping. I wish we spent only $40.

[Kathianne]

You also (All-Clad) need some (All-Clad) GOOD cookware! All-Clad! :poke: :laugh2:

That's what 'gifts' are for. I got me All-Clad and it's good!

[Abbey Marie]

Oh, trust me.. I more than make up for it in other ways.. I *need* a single knife that costs $100, and a single dutch oven that costs $265, and a $150 Tassimo machine (glorified coffee pot for those of you that don't like latte and cappuccino)... :D

Everyones "needs" are different. :D

Shattered, my image of you never included roughing it with sub-par anything!

My own non-necessary necessities seem to tend towards making the house look nice, and eating some meals out. And I do like my L'Occitane. Unlike most women, I don't even carry a pocketbook. let alone collect them.

[Mr. P]

Shattered, my image of you never included roughing it with sub-par anything!

My own non-necessary necessities seem to tend towards making the house look nice, and eating some meals out. And I do like my L'Occitane. Unlike most women, I don't even carry a pocketbook. let alone collect them.

Is L'Occitane some new antibiotic? :laugh2: :laugh2:

[shattered]

Shattered, my image of you never included roughing it with sub-par anything!

My own non-necessary necessities seem to tend towards making the house look nice, and eating some meals out. And I do like my L'Occitane. Unlike most women, I don't even carry a pocketbook. let alone collect them.

Oh, the joys of working for things one *needs*... :coffee:

[April15]

So how about just for you? I'll do me first:

Mortgage/Association Fees/taxes/insurance: $1700 per month

Car Insurance(car is paid), includes 2 college kids: $200

Food (all types): $350

Utilities: $250


Gas for car: $300

I have about $400 after expenses, after taxes.

Sorry for the delay but i toasted my router yesterday.
Mortgage approx. 4000 a month
Property taxes 11000 a year
Truck insurance 1200 a year
utilities 150 a month
Diesel 475 to 550 a month
Wife does the food
O left

[April15]

Really, people's needs boil down to shelter, food, and clothes. Beyond that, it's all non-necessities.

And even with those needs, there are questions as to how much you need. Does a family of four "need" a 3000 square foot home, or just a 1200 sq ft apartment? Does an obese person "need" $400 per month in groceries, or only $200? Does a teenager "need" the $40 sweater from American Eagle, or just a $10 sweatshirt from Walmart?I will agree.

[Kathianne]

Sorry for the delay but i toasted my router yesterday.
Mortgage approx. 4000 a month
Property taxes 11000 a year
Truck insurance 1200 a year
utilities 150 a month
Diesel 475 to 550 a month
Wife does the food
O left

Obviously you haven't a problem with adequate income to save $$$.

[Classact]

I grew up before plastic, before credit... but I use credit cards to make purchases easy... I make electronic automatic deposits to automatically pay for my "expected CC bill"... I refuse to carry cash because when I do I spend it and can't ever remember where. The only time I check my wallet for cash is on my trip to stock up at the water vending machine for drinking water.

I live on a very strict budget... if my credit card isn't paid off completely I don't get haircuts... my wife has to cut it... no movies, no fast food, no cokes from vending machines because they would be on credit. If you give away 9.9% of your income to a guy in an air conditioned bank then you are rich considering how much you give to uncle Sam and the rest of the mandatory give aways... Pay CASH! Or, in my case credit and pay it off.

Older cars are cool if they are paid for and you don't have to buy insurance to protect them against dents and bangs... simply drive carefully! Pay cash for cars.

Buy stuff in bulk... a 4 roll of TP cost $2.39 on a good day... where a 12 roll pack cost $5.69 every day... so if you haven't been diagnosed to die buy bulk and save on the difference.

Pay and demand a receipt for everything you purchase, a credit card works well for this if there are no fees for a month and write them down every evening... add it up for the entire month and then look through your list as to what you could do without.

Remember every cent you spend could pay off credit if you didn't spend it... live it and breathe it and you will hate credit... credit is for really rich people, are you really rich? My only exception is on my home which I do finance even though I built it myself the materials were financed to cut down on taxes.

[April15]

Obviously you haven't a problem with adequate income to save $$$.This is the SF bay area. A cheap studio is in the area of 2k a month. 740 As you can see even fuel ain't cheap!